The Ministry of Statistics and Programme Implementation announced the upcoming launch of the Index of Services Production (ISP) in July 2026. This index aims to track monthly changes in the formal services sector’s growth. It will serve as a crucial indicator similar to the Index of Industrial Production but focusing on formal services.
The ISP will offer insights into the real output of service-producing industries over time, providing valuable data for policymakers and planners. With the services sector playing a significant role in India’s economy, contributing over 50% of the Gross Value Added since 2013-14, the ISP’s introduction is seen as a vital step in aligning with global practices.
One of the key objectives of the ISP is to offer timely economic trends that complement the Index of Industrial Production. By providing high-frequency information on services sector performance, the ISP aims to enhance the statistical framework for better policy decisions and economic forecasting.
